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Question;The following information is related to Dickinson Company for 2014.Retained earnings balance, January 1, 2014 $980,000Sales Revenue 25,000,000Cost of goods sold 16,000,000Interest revenue 70,000Selling and administrative expenses 4,700,000Write-off of goodwill 820,000Income taxes for 2014 1,244,000Gain on the sale of investments (normal recurring) 110,000Loss due to flood damage?extraordinary item (net of tax) 390,000Loss on the disposition of the wholesale division (net of tax) 440,000Loss on operations of the wholesale division (net of tax) 90,000Dividends declared on common stock 250,000Dividends declared on preferred stock 80,000Dickinson Company decided to discontinue its entire wholesale operations and to retain its manufacturing operations. On September 15, Dickinson sold the wholesale operations to Rogers Company. During 2014, there were 500,000 shares of common stock outstanding all year.

Paper#38725 | Written in 18-Jul-2015

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